Union members at GM Korea Company today ratified a tentative agreement on wages reached between the company and its union on July 11. The agreement was supported by 55.9 percent of the 10,045 union members who voted.
The company and its union held 16 rounds of 2011 wage negotiations starting with a kick-off meeting on May 25. The agreement includes a KRW 78,828 basic monthly wage increase (including a KRW 11,651 salary class increase), an incentive of KRW 2.5 million to be paid upon ratification of the agreement, a KRW 4 million performance bonus (with half to be paid on August 1 and the other half to be paid at the end of the year), KRW 0.5 million to be paid at the end of the year if the company meets its quality target, and an improvement in the employment structure.
source: GM Korea Company